Trump Announces Major Venezuelan Oil Deal with Potential for Lower Gas Prices

US President Trump and Acting Venezuelan President Delcy Rodriguez have announced a major oil deal between Washington and Caracas. The agreement grants a private company majority control of over 65 billion barrels of proven oil reserves in Venezuela, with a claimed potential to lower gas prices for Americans.

The US State Department described the company as a joint project between the government and an experienced operator in Venezuela, with rights to the fields for 100 years. However, Rodriguez stated that it's a 25-year deal.

Trump claimed that the deal will 'greatly increase our oil supply' and reduce gas prices, but acknowledged that significant increases in Venezuelan production would require billions of dollars in investment and years of work. The US has controlled Venezuela's oil trade since January's attack on President Maduro, holding its revenue and restricting shipments to Cuba.

Rodriguez estimated the deal will generate over $209 billion in taxes for the state, while Trump mentioned filling the Strategic National Reserves with Venezuelan oil. Maduro's account on X posted a hopeful message accompanying an image of him in prison in the US.